Woods joined the central bank when parts of the FSA were incorporated in 2013. He held roles including director of financial stability strategy and risk and director for domestic UK banks supervision.

Prior to joining the regulator in 2011, he worked in management consultancy before spending 10 years at the Treasury, including as chief operating officer of UK financial instruments.

Chancellor George Osborne says: “Sam has been one of the architects of the government’s crucial reforms to financial regulation – playing a key role in the work of the Independent Commission on Banking.”

Woods says: “I am absolutely delighted and very honoured to be taking on the Deputy Governor role.

“The PRA has made a strong start as a prudential regulator under Andrew Bailey’s leadership and I look forward to continuing our work with the aim of promoting of safety and soundness, protection of policyholders and financial stability more broadly.”